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A Big Change is Coming to Our Debt Free Family

November 14, 2016 | 10 Comments

There is a big change coming to Our Debt Free Family!

Recently, I’ve had a huge revelation and because of this revelation, I have decided to sell Our Debt Free Family.

That means that there will be a new owner and writer on the site.

[Read more…]

Filed Under: Community, Getting Started, Goal Setting, Inspiration, Video

How to Win Scholarships with Nicole Crosby, The Scholarship Tutor

October 11, 2016 | 5 Comments

Nicole Crosby, The Scholarship Tutor, is here to share her best tips for applying and most importantly, WINNING, scholarships!  In this interview, Nicole shares:

  • How her own experience winning scholarships led to her career as The Scholarship Tutor
  • What makes a great candidate to win scholarships (It’s not just the straight-A students!)
  • Where to look for scholarships online and when the best time is to apply for them
  • And her tips for getting our students noticed in the sea of applicants

There are so many great nuggets that Nicole shares in this interview, and of course, we talk about applying for scholarships for high school students. But as you’ll find out, there are lots of scholarships available for adults who are going back to school because they’re switching careers or seeking advanced degrees.

So if you have a child who will be attending college someday or you think you might go back to school yourself, this is a must watch interview.

If you’re looking for an online resource for finding scholarships, check out GoodCall. I met the founder recently, and the website makes it easy to filter through scholarships.

[bctt tweet=”How to Win Scholarships with Nicole Crosby @ScholarshipTutr” username=”MonicaRLouie”]  As Nicole mentioned at the end, we’ve partnered together, and I’m putting together a course for the students she works with. I’ll also be doing one-on-one financial coaching with them to teach them what they need to know about how to manage their money wisely. I’m super excited about that!

Nicole’s website once again is TheScholarshipTutor.com, and you can reach out to her about working with her by email at TheScholarshipTutor@gmail.com.

Now I’d love to hear about you!

Will you or your child be applying for scholarships either now or in the future? Were you surprised about anything Nicole shared? Please share in the comments below.

For other people who can help encourage you check out these articles.

How Alice and Scott Paid Off $200,000 of Student Loans in Less Than 7 Years
How a Side Hustle Helped Melanie Lockert Break Up With Debt
How Celeste and Rita Paid Off $49,000 of Debt in 18 Months

Have you joined our free community yet?

Join me in our private Facebook group called Your Debt Freedom Family, where we’ve got an awesome community of people who are kicking debt to the curb so they can break free and live life on their terms.

Click here to join the fun!

I’d love to see you there!

Keep moving forward toward your goals. You really can live the life you dream about!

Filed Under: Boosting Income, Interview, Saving Money, Video Tagged With: how to win scholarships, Monica Louie, Our Debt Free Family, scholarship, Tips how to apply for scholarships

From Credit Card Debt to Loving Her Money with Sarah Li Cain

September 28, 2016 | 12 Comments

A few years ago, Sarah Li Cain found herself jobless, broke, and in $9,000 credit card debt after a breakup with her boyfriend.

Today, Sarah is debt-free, married, and living a happy life with her husband and spirited toddler.

Sarah is a freelance writer and illustrator. She believes in the power of storytelling and wants people to share their money stories to remove the stigma around money. An avid traveler, she believes that the way to a happy and productive life is to love your money and be compassionate when it comes to your finances.

I am so excited to share Sarah’s story and introduce her brand new book, Cha Ching! A Money Coloring Book.

In the interview, Sarah shares:

  • The lessons she learned from racking up more than $9,000 in credit card debt from an unhealthy relationship
  • How she paid off the credit card in less than a year
  • Her advice to anyone currently in a similar situation
  • How she’s using her experience to teach others to love their money
  • And the message behind her brand new coloring book

Thanks again to Sarah for sharing her debt-free journey and her new coloring book with us! [bctt tweet=”How @sarahlicain went from credit card debt to loving her money.” username=”MonicaRLouie”]

Sarah’s brand new coloring book, “Cha Ching! A Money Coloring Book” is available by clicking here.

You can find out more about Sarah at HighFivingDollars.com.

Now I’d love to hear about you!

What did you learn from Sarah’s story? Have you been in a relationship that put you into debt? If so, how did you handle it? Please share in the comments below.

Have you joined our free community yet?

Join me in our private Facebook group called Your Debt Freedom Family, where we’ve got an awesome community of people who are kicking debt to the curb so they can break free and live life on their terms.

Click here to join the fun!

I’d love to see you there!

Keep moving forward toward your goals. You really can live the life you dream about!

Filed Under: Get Out of Debt, Inspiration, Interview, Stories, Video Tagged With: credit card debt, debt-free interview, Get out of debt, how to pay off credit card debt, Monica Louie, Our Debt Free Family, Sarah Li Cain

The 5 Categories Missing From Your Budget

September 20, 2016 | 6 Comments

Are you struggling to make your budget work but keep coming up short?

If your budget isn’t working, you might think that you’re just not trying hard enough to stick to it. But I don’t think that’s always the case.

[Read more…]

Filed Under: Boosting Income, Budgeting, Get Out of Debt, Getting Started, Inspiration, Saving Money, Video Tagged With: Budgeting, Missing from your budget, Monica Louie, Our Debt Free Family, Saving Money Tips

How Lauren Greutman, The Recovering Spender, Paid Off $40,000 of Debt

September 13, 2016 | 13 Comments

Lauren Greutman and her husband, Mark, hit rock bottom in their finances a few years ago when they found themselves underwater in their mortgage, $42,000 in debt, and running a $1,000 deficit in their budget each month.

Fast forward a few years, and Lauren and Mark are now debt-free and run her popular frugal living site that helps millions of people, LaurenGreutman.com, formerly IamTHATLady.com.

I am so honored to be joined by Lauren in today’s interview to have her share her story and introduce her brand new book, The Recovering Spender: How to Live a Happy, Fulfilled, Debt-Free Life

Lauren is a wife, mom of four and a recovering spender. If her name sounds familiar, you may have seen her on TV as a frequent guest on The TODAY Show, Good Morning America, Nightline, The Dr. Oz Show, Rachael Ray, and more.

In this interview, Lauren shares:

  • How she and her husband, Mark, dug themselves out of $42,000 of debt in four years
  • What she did to cut her family’s grocery spending from $1,000 per month to $200 (Say what?!)
  • Her advice for those wanting to start a blog to bring in extra income and the great opportunities her’s has brought to her family.
  • What her brand new book, The Recovering Spender, is all about and who will benefit from reading it
  • What to do if you’re a Saver married to a Spender


I love this interview with Lauren! She has such an inspiring story of how she turned her life around from being a compulsive shopper to getting out of debt and now helping millions of others do the same.

Thanks again to Lauren for sharing her debt-free journey and her book with us!

[bctt tweet=”How @LaurenGreutman, #TheRecoveringSpender, Paid Off $40,000 of Debt” username=”MonicaRLouie”]

Lauren’s brand new book, The Recovering Spender: How to Live a Happy, Fulfilled, Debt-Free Life, is available in bookstores and online wherever books are sold.

You can learn more about Lauren at LaurenGreutman.com and find out more about her book at TheRecoveringSpender.com.

Now I’d love to hear about you!

What did you learn from Lauren’s story? Are you a Spender in need of recovery, or do you know someone who is? Please share in the comments below.

Have you joined our free community yet?

Join me in our private Facebook group called Your Debt Freedom Family, where we’ve got an awesome community of people who are kicking debt to the curb so they can break free and live life on their terms.

Click here to join the fun!

I’d love to see you there!

Keep moving forward toward your goals. You really can live the life you dream about!

Filed Under: Boosting Income, Budgeting, Couples, Get Out of Debt, Inspiration, Interview, Stories, Video

How a Side Hustle Helped Melanie Lockert Break Up With Debt

August 30, 2016 | 14 Comments

Have you considered adding a side hustle to help you break up with debt?

Well, in today’s video, we’ll learn how Melanie Lockert used a side hustle to break up with debt.

If you don’t know Melanie, she’s the personality behind the award-winning blog, DearDebt.com, where she chronicled her journey out of $81,000 in student loan debt. Through her blog, she inspires readers to break up with debt by writing their very own breakup letter to debt.

In 2015, Melanie (and her journey out of debt) was named one of the top five most inspiring personal finance stories of the year by Yahoo! Finance. She currently works as a freelance writer and event planner. Melanie and her work have appeared in Business Insider, The Huffington Post, Yahoo! Finance, INC, and more.

After graduating from college with $23,000 in student loans, Melanie had the opportunity to attend her dream school, NYU, to earn her master’s degree. There, she incurred $58,000 more in student loans for a total of $81,000.

Upon struggling to find a stable, decent-paying job after graduating from NYU, Melanie made some extreme changes in her life to pay off her student loans. In December 2015, Melanie made her last payment and became 100% debt-free.

She is also the author of a brand-new book, “Dear Debt:  A Story About Breaking Up with Debt” which shares her journey and her advice for those in the process of breaking up with debt.

In the interview with Melanie, she shares:

  • What drove her to rid herself of her student loans
  • How she cut her expenses and started side hustling to bring in extra income
  • How her side hustling has led to an unexpected career path
  • Her best advice for how to find a side hustle that’s right for you, and
  • What to do if you want to get out of debt but feel overwhelmed and don’t know where to start

Melanie has an inspiring story that I think anyone struggling with debt needs to hear, and she shares it all in this interview. So here is my interview with Melanie Lockert from deardebt.com. Enjoy!

Thanks again to Melanie for sharing the good, the bad, and the ugly about getting out of debt with us!

[bctt tweet=”How a side hustle helped Melanie Lockert (@DearDebtBlog) break up with debt” username=”MonicaRLouie”]

I hope you pick up her book, “Dear Debt:  A Story About Breaking Up with Debt.” I know it will help you break up with debt once and for all.

I encourage you to check out Melanie’s blog at DearDebt.com and consider writing your own Dear Debt letter to break up with debt.

For others that have got out of debt check out these articles.

How Alice and Scott Paid Off $200,000 of Student Loans in Less Than 7 Years
From Credit Card Debt to Loving Her Money with Sarah Li Cain
How Lauren Greutman, The Recovering Spender, Paid Off $40,000 of Debt

Now I’d love to hear about you!

What did you learn from Melanie’s story? Have you started a side hustle yet so you can break up with debt? Please share in the comments below.

Have you joined our free community yet?

Join me in our private Facebook group called Your Debt Freedom Family, where we’ve got an awesome community of people who are breaking up with debt so they can break free and live life on their terms.

Click here to join the fun!

I’d love to see you there!

Keep moving forward toward your goals. You really can live the life you dream about!

Filed Under: Boosting Income, Get Out of Debt, Inspiration, Interview, Stories, Video

What Happens to My Credit Score When I Pay Off All My Debt?

August 23, 2016 | 10 Comments

FICO Pie Chart
What happens to my credit score when I pay off all my debt?

This question came up in the Our Debt Freedom Family Facebook group recently, and I know a lot of people have the same question when getting out of debt.

So in this article we’re going to be answering the following question:

“How does being debt free affect your credit? We’ll be paying off our debt soon. When we do, we’ll keep our credit cards open, but what will my credit score look like when all the other loans are closed?”

A similar question was asked last year about how your score is affected when you close out one of your old credit cards. I wrote an article in response, and in that article, I went into great detail about how your credit score is calculated and how closing out the card affects your score.

To summarize, the most commonly used credit score is calculated using software created by the Fair Isaac Corporation, also known as FICO. Your FICO® score is determined and weighted by the following five factors:

  • Payment history — approximately 35%
  • Amounts owed — approximately 30%
  • Length of credit history — approximately 15%
  • New credit — approximately 10%
  • Types of credit in use — approximately 10%

If you close out all of your cards, pay off all of your loans, and never use credit again, eventually, the reporting agencies won’t be able to provide a score for you.

However, if you leave your cards open and use them once in awhile and keep them paid off, your credit score is likely to be very high.

In fact, I recently interviewed Christine Odle who paid off $500,000 worth of debt (house and everything) since 2009. She said that she has one credit card that she pays off several times each month, and her score is over 800.

[bctt tweet=”What happens to my credit score when I pay off all my debt?” username=”MonicaRLouie”]

My husband and I also have one credit card that we use and pay off each month (in addition to our mortgage) and our credit scores are over 800, as well. We’ve definitely seen our credit scores increase as our debt total has decreased over the past few years.

My question to anyone else concerned about their credit score is this —

Once you’ve paid everything off, do you plan to use credit again in the future? If not, then it probably won’t have much affect on your life. But if you do, it might be worth using a credit card and paying it off every month to keep that good payment history on your record.

Don’t Pay To Check Your Credit!!!

You used to need to pay to check your credit score.  Don’t do that!!  Instead, get your credit score for free.  Here are four completely free ways to check your credit score.

Annual Credit Report. Federal law says the three credit reporting bureaus must provide customers with a free credit report once per year. Just go to www.annualcreditreport.com and sign up.

Credit Karma. Credit Karma will give you your credit score for free. It also allows you to access data in your credit report for free at any time, you can check your payment history, balances and credit inquires letting you keep an eye on your credit. Sign up here.

Chase’s Credit Journey. Chase will not only provide you access to your credit score, but also gives you a set of great tools to improve your credit score.  It is 100% free to sign up.

Lexis Nexis. Another way to get a free credit report is to get your Lexis Nexis file. The report will have personal information gathered from public records and third party sources. You can get a copy of what information about you they have on file by sending in an application with your ID.

More Of Our Popular Articles

Get financially fit and read our most popular articles:

Easily Save Money With Paribus
Ron and Thu Paid Off $137,000 in 4 Years
Read How In Just 7 Years Alice and Scott Paid Off $200,000 In Debt
You Can Pay Off Debt When You’re Behind On Your Bills

Keep moving forward toward your goals. You really can live the life you dream about!

Filed Under: Credit, Get Out of Debt, Monica's Two Cents, Video

3 Ways to Set Yourself Up for Success on Your Debt Free Journey

August 16, 2016 | 9 Comments

Do you feel like your debt is holding you back from living life to the fullest?

Are you afraid that if you had an unexpected drop in income or increase in your expenses that it would put you in financial stress?

That’s how we felt when we started our debt free journey three years ago.

[Read more…]

Filed Under: Get Out of Debt, Getting Started, Inspiration, Stories, Video

Creating Multiple Income Streams with Affordable Real Estate Investments

August 9, 2016 | 8 Comments

Have you thought about what to do with your money after you’ve gotten out of debt?

What should you do with that extra money that’s not going toward debt payments?

Of course, there are numerous options: [Read more…]

Filed Under: Boosting Income, Interview, Video

Stay Motivated When Getting Out of Debt With These 5 Strategies

July 19, 2016 | 9 Comments

We’re already halfway through the year! Can you believe it?

How are you doing on your New Year’s Resolutions?

If it’s time to reassess and re-start, then I’ve got five tips to help you stay motivated when getting out of debt.

It’s easy to lose motivation when you’ve got a long road ahead. It can feel like you’ll neeeevveeerrr be debt-free, right?

By following these strategies, you’ll not only keep going on your debt-free journey, but you’ll have fun on your journey, and before you know it, you’ll achieve total debt freedom!

So that’s my first tip —
Make it fun!

As the saying goes, success is a journey, not a destination. You can think of your debt freedom goal in the same way.

Who wants to be on a boring journey without adventure or excitement?

Not me!

If you currently think of slashing your spending, working overtime, and selling things left and right as something you have to do, try a different approach.

In his book “The 7 Habits of Highly Effective People,” Stephen R. Covey stated, “Happiness can be defined, in part at least, as the fruit of the desire and ability to sacrifice what we want now for what we want eventually.”

Think about that for a second — Happiness can be defined as the desire and ability to sacrifice what we want now for what we want eventually.

It’s not the sacrifice that brings joy, but the DESIRE and ABILITY to make those sacrifices because of what they will mean for your family later.

Focus on the outcome of your sacrifice over the long-term.
Focus on the outcome of your sacrifice over the long-term.
Click To Tweet

Each time we’ve made an extra payment toward our debt, we get great pleasure from knowing that our debt total is now that much less.

And even when we only make the minimum payment, we still take pride in the fact that we’re one payment closer to being debt-free and happily watch our total debt balance go down.

Here are some other ways you can make it fun:

Make it a game to see how much you can cut your grocery bill compared to last month.

Maybe you decide that if you don’t spend any money on coffee this month, you’ll give yourself a home manicure and pedicure.

Get the kids involved too.

If they help you clip coupons and plan your weekly grocery trip, then plan a fun family movie night next weekend (renting a DVD from Redbox, or better yet, watching one of the DVDs you own and haven’t watched in a while). Make homemade pizzas and brownies with ingredients you already have.

You don’t have to wait until your debt is gone to have fun. You can enjoy the ride now.
Set mini-goals

When we started our debt-free journey, we gave ourselves eight years to pay off $320,000 of debt.

Paying off that much debt and making sacrifices for that long can be overwhelming to anyone. We tried to avoid the feeling of overwhelm by focusing on one debt at a time.

Maybe you’ve crunched the numbers and you estimate that it will take you three years to pay off your student loans.

Instead of focusing on the huge amount of student loan debt you have or the three long years it will take to achieve your goal, focus on your smallest student loan first and make that your mini-goal. (This is called the debt snowball method.) Shoot to pay off that loan as quick as you can and then celebrate when you do before moving on to the next biggest loan.

Or you could make paying off a certain amount of debt within the next three or six months your mini-goal.

Shooting for that smaller, more realistic goal will help you keep going.

You could also break it down even further. Calculate how much you need to pay off on average each month to reach your shorter-term goal. Focus on how you can slash your spending and bring in extra income so that you can pay that amount toward your debt this month.

And come up with an inexpensive way to celebrate when you meet each mini-goal. Give yourself something to look forward to in addition to paying off that huge chunk of debt.
Track your progress

This one might seem obvious, but I’m surprised at how often I work with people who have been struggling to gain traction on their goal to become debt-free, and they don’t even know how much debt they HAVE paid off.

Oftentimes when we calculate how much debt they’ve paid off since starting their journey, they’re pleasantly surprised at the progress they HAVE made, and then they don’t feel so discouraged.

So get clear on your starting point, and then track your progress going forward.

For me, this is the part I look forward to the most. The first day of the month I update our debt snowball and calculate not only how much debt we have left to pay off, but I focus my excitement on the total amount of debt we have ALREADY paid off.

Continue the theme of making it fun, and create a graph or chart to fill in with your kids.

I give my clients who work with me a Debt Freedom Roadmap Tracker that they can personalize with their own mini-goals and fill in as they make progress toward their goals.
Get imaginative

Imagine what life will be like when you’re debt-free and all the hard work has paid off. What will you do to celebrate once you’ve met your goal? How will life be different?

Alternatively, what will life be like if you lose focus and give up?

If you stop now, what will life look like in 5 years, 10 years, 20 years? Will you still be struggling? Will you still be telling your kids and yourself that you “can’t afford it?”

What about when it’s time to send your kids to college or time for you to retire? Will you be able to achieve those goals if you go back to your old ways?

Every time I get discouraged, I think of the path that I’m on and compare it to the alternative way of life. Then I refocus, recommit, and do something to take action that will bring me closer to my goal.
Surround yourself with inspiration

This can be in the form of success stories of others who have gotten out of debt, like the ones I share on my blog and YouTube channel.

Here are some of my favorites:

How a Family of 7 Paid Off $137,000 of Debt in 4 Years
How One Couple Found Financial Freedom by Paying Off $500,000 of Debt
Dontae and Laura’s Debt Free Story
Miriam’s Journey Out of Debt and In to the Life of Her Dreams

But it can also be in the form of quotes of wisdom.

Here’s one of my favorites that has kept me going whenever I’m lacking motivation on one of my goals:

Earl Nightingale said, “Never give up on a dream just because of the time it will take to accomplish it. The time will pass anyway.”
Never give up on a dream just because of the time it will take to accomplish it. Earl Nightingale
Click To Tweet

Isn’t that so true?

The time is going to pass by anyway so why not spend the time working toward a dream that will dramatically improve your life, like breaking free from debt?

When my husband and I started our journey, we gave ourselves eight years to reach our goal of total debt freedom. That was nearly three years ago, and looking back, the time has flown by.

The truth is that you can achieve almost anything you want in life. Most goals will take time, perseverance, and relentless focus to achieve. But the journey doesn’t have to be dreary and painful.

Make it fun, set mini-goals, track your progress, get imaginative, and surround yourself with stories and wisdom that will inspire you to keep going.

Before you know it, you’ll be crossing your first mini-goal off your list, and before long, you’ll be making your final payment on your last debt.

If you need help getting started on your debt-free journey, check out my Work With Me page to find out how I can help! Or you can schedule a time to chat with me by clicking here.
Now I’d love to hear about you!

How do you stay motivated when working toward your goals? Which strategies can you use to help stay focused on your goal of debt freedom? Please share in the comments below.
Have you joined our free community yet?

Join me in our private Facebook group called Your Debt Freedom Family, where I share more tips like this. We’ve got an energetic community of people who are kicking debt to the curb so they can break free and live life on their terms.
Click here to join the fun!

I’d love to see you there!

Keep moving forward toward your goals. You really can live the life you dream about!

Filed Under: Get Out of Debt, Inspiration, Video

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